If this is your first visit, be sure to
check out the FAQ by clicking the
link above. You may have to register
before you can post: click the register link above to proceed. To start viewing messages,
select the forum that you want to visit from the selection below.

Please note that posts from new users are now moderated. If you have just joined this forum and post a new message it will be held in the moderation queue until a member of staff approves it. Please be patient and our staff will review your submission as soon as possible.

Re: Def. of Market

Originally Posted by user_gary

American Marketing Association defines a market "as the aggregate demand of the potential buyers for a product or service."

Could anyone explain this definition?

A market is not just the place where you sell and buy things. It is also a concept. It is the demand for a particular things. For example , you will say that a particular brand of product has a growing market in the West. This means that the product is in greta demand.

aggregate demand of the potential buyers - all those people's demands together who may buy the product or use the service

So, the definition means that 'a market is the total demand for a product or service by those people who may buy that product or use that service.'